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The student understands categories of economic activities and the data used to measure a society's economic level. The student is expected to:
Define and give examples of agricultural, wholesale, retail, manufacturing (goods), and service industries;
Describe levels of economic development of various societies using indicators such as life expectancy, gross domestic product (GDP), GDP per capita, and literacy;
Identify and describe the effects of government regulation and taxation on economic development and business planning.
The student understands the factors of production in a society's economy. The student is expected to:
Describe ways in which the factors of production (natural resources, labor, capital, and entrepreneurs) influence the economies of various contemporary societies;
Identify problems and issues that may arise when one or more of the factors of production is in relatively short supply;
Explain the impact of relative scarcity of resources on international trade and economic interdependence among and within societies.
The student understands the various ways in which people organize economic systems. The student is expected to:
Compare ways in which various societies organize the production and distribution of goods and services;
Compare and contrast free enterprise, socialist, and communist economies in various contemporary societies, including the benefits of the U. S. Free enterprise system;
Understand the importance of morality and ethics in maintaining a functional free enterprise system;
Examine the record of collective, non-free market economic systems in contemporary world societies.

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